S.A.L. Steel Limited (SALSTEEL)
₹81.03 -2.46% last close, 23 Oct
Snapshot
S.A.L. Steel Limited closed at ₹81.03 on 23 Oct 2026, 38.4% above its 200-day average, with an RSI(14) of 44.3 and a P/E of 94.37. On the daily chart it is in a range, with a technical score of 24/100 (strong bearish). In the quarter ended June 2026, revenue fell 31.6% and net profit grew 131.9% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹81.03
- Day change
- -2.46%
- Market Cap
- ₹1,173 Cr
- 52-week range
- ₹28.65 – ₹102.40
- From 52-week high
- -20.87%
Financials23 Oct 2026
- P/E
- 94.37
- P/B
- 7.98
- ROE
- 8.5%
- ROCE
- 1.0%
- Debt to Equity
- 2.37
- OPM
- 20.1%
- YoY qtr sales growth
- -31.6%
- YoY qtr profit growth
- 131.9%
- Dividend Yield
- 0.00%
Latest quarter Jun 2026 · Standalone
Technicals23 Oct 2026
- Trend
- Range
- Technical score
- 24/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 44.30
- ADX (14)
- 16.53
- SuperTrend
- Bearish
- vs 20-day SMA
- -8.41%
- vs 50-day SMA
- -0.52%
- vs 200-day SMA
- +38.43%
- RS rating
- 97.00
- Nearest support
- ₹63.67
- Nearest resistance
- ₹81.80
Exchange activity23 Oct 2026
- Delivery
- 12.06% vs 34.77% average
- Volume vs its average
- 1.9×
- Price band
- Lower band, 23 Oct
Events
- Latest results
- Q1 FY27, filed 14 Aug 2026
- Board meeting filing
- 16 Oct 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, S.A.L. Steel's revenue was ₹87.4 Cr (-31.6% year on year, +629.9% on the previous quarter), and net profit ₹3.1 Cr (against a loss a year earlier); the operating margin was 15.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹87.4 | -31.6% | +629.9% |
| Operating profit | ₹13.6 | from loss | +91.1% |
| Net profit | ₹3.1 | from loss | from loss |
| EPS (₹) | 0.21 | from loss | from loss |
| Operating margin | 15.5% | — | — |
SALSTEEL delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 12.06% of the SALSTEEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.77%. The price fell 2.46% on unusually low delivery. It closed at its lower price band (circuit) on 23 Oct, one of 8 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 31.4% · 43.9% · 29.8% · 19.2% · 12.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SAL Steel has issued a Postal Ballot notice seeking shareholder ratification and approval for significant material related-party transactions (RPTs). Key items include ratifying a prior unsecured loan of ₹224.25 crore (plus ₹4.41 crore interest) from Lawrence Merchants Pvt Ltd. Upcoming proposals include transactions with holding company Sree Metaliks (₹300 crore purchases, ₹50 crore sales, ₹500 crore corporate guarantee, and ₹200 crore unsecured loans), alongside limits with other promoter-linked entities. Remote e-voting runs from October 20, 2026 to November 18, 2026, with results due by November 20, 2026.
- Ratification sought for ₹224.25 crore unsecured loan plus ₹4.41 crore interest from Lawrence Merchants Pvt Ltd
- Approval sought for up to ₹300 crore in purchases and ₹50 crore in sales with holding company Sree Metaliks Limited
- Corporate guarantee limit of ₹500 crore proposed from Sree Metaliks Limited to support lower borrowing costs
- Additional ₹200 crore unsecured loan availment proposed at 10% interest rate each from Sree Metaliks and Lawrence Merchants
- Remote e-voting opens on October 20, 2026, and closes on November 18, 2026
S.A.L. Steel's Board approved a Postal Ballot notice to seek shareholder ratification and approval for substantial related-party transactions (RPTs) following its takeover by Sree Metaliks Limited (which holds a 57.51% equity stake). Key proposals include post-facto ratification of unsecured loans of Rs 228.67 Cr from Lawrence Merchants and Rs 174.62 Cr of raw material/loan facilities from Sree Metaliks. Additionally, the company is seeking 1-year omnibus approvals for up to Rs 1,050 Cr in transactions with Sree Metaliks (including Rs 500 Cr corporate guarantee and Rs 300 Cr raw material purchases) and Rs 200 Cr loan credit line from Lawrence Merchants. Remote e-voting runs from October 20 to November 18, 2026, with results due by November 20, 2026.
- Post-facto ratification sought for Rs 228.67 Cr loan from Lawrence Merchants and Rs 174.62 Cr trade/loan cap from Sree Metaliks
- Omnibus approval proposed for up to Rs 1,050 Cr in aggregate limits with parent Sree Metaliks, including Rs 500 Cr corporate guarantees
- Credit line approval of up to Rs 200 Cr from Lawrence Merchants and Rs 150 Cr trade limits with Elite Metaliks
- Disclosed that Sree Metaliks now controls a 57.51% equity stake in SAL Steel post-takeover
- Remote e-voting scheduled from October 20, 2026, to November 18, 2026; results on or before November 20, 2026
S.A.L. Steel Limited has secured an additional Term Loan of ₹75.00 crore alongside the renewal of ₹49.00 crore in working capital facilities from Kotak Mahindra Bank, aggregating to ₹124.00 crore. The new 60-month term loan carries an interest rate of 10% and is earmarked for the part repayment of Inter-Corporate Deposits (ICDs) owed to AIA Engineering Limited. The borrowing is backed by company assets, personal guarantees from Mahesh Kumar Agarwal and Kaustubh Agarwal, and a corporate guarantee from Sree Metaliks Limited. Compared to SAL Steel's existing debt of ₹349 crore and net worth of ₹147 crore, this ₹75 crore loan represents a significant debt refinancing move.
- Additional term loan facility availed: ₹75,00,00,000 (₹75 crore)
- Existing working capital renewal: ₹49,00,00,000 (₹49 crore), aggregating to ₹124 crore total facility
- Term loan carries an interest rate of 10% with a repayment tenure of 60 months
- Facility proceeds specifically allocated for part repayment of ICD to AIA Engineering Limited
- Secured by current and movable fixed assets, alongside a corporate guarantee from Sree Metaliks Limited
S.A.L. Steel Limited has disclosed an acquisition of equity shares under Regulation 29(1) of the SEBI (SAST) Regulations, 2011. M/S Vora Financial Services Private Limited purchased 7,306,374 equity shares through the open market. This acquisition represents 5.05% of the total equity share capital of the company. The disclosure was received and communicated to exchanges on August 10, 2026.
- Vora Financial Services purchased 7,306,374 equity shares in S.A.L. Steel
- Acquired shares represent 5.05% of the company's total equity share capital
- Shares were acquired via open market transactions
- Disclosure intimation received and submitted on August 10, 2026
S.A.L. Steel Limited has issued the notice for its 23rd Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 12:30 PM IST via Video Conferencing. The cut-off date for determining voting rights is September 18, 2026, with remote e-voting open from September 22 to September 24, 2026. Key agenda items include adoption of FY26 financial statements, reappointment of director Mahesh Kumar Agarwal, and regularizing the appointment of Monika Goyal as an Independent Woman Director for a 5-year term.
- 23rd Annual General Meeting scheduled for September 25, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date for voting eligibility set as September 18, 2026
- Remote e-voting window runs from September 22, 2026 (09:00 AM) to September 24, 2026 (05:00 PM)
- Proposed regularization of Mrs. Monika Goyal as Non-Executive Independent Woman Director for 5 years from August 14, 2026
S.A.L. Steel Limited has appointed Mrs. Monika Goyal as an Additional Non-Executive Independent Woman Director for a five-year term starting August 14, 2026. Mrs. Goyal is a Fellow Company Secretary and law graduate with 12 years of experience in corporate law and regulatory compliance. This appointment comes as the company navigates a significant corporate restructuring involving an open offer by Sree Metaliks Limited for 26% of the expanded share capital. The move ensures board diversity and strengthens governance oversight during a period of high financial leverage (Debt/Equity of 2.37).
- Appointment of Mrs. Monika Goyal for a 5-year term effective August 14, 2026
- Appointee brings 12 years of professional experience in Companies Act, FEMA, and corporate governance
- Company is currently subject to an open offer for 3,76,39,342 equity shares at ₹25 per share
- Financial context shows a high Debt/Equity ratio of 2.37 with total debt of ₹349 Cr
- Net Profit Ratio declined significantly by 1550% to -1.18% in the most recent reported fiscal period
S.A.L. Steel Limited reported a net profit of Rs 3.09 Cr for the quarter ended June 30, 2026, marking a significant turnaround from a net loss of Rs 9.67 Cr in the same period last year. This profitability comes despite a 31.5% YoY decline in revenue from operations, which fell to Rs 87.37 Cr. The turnaround was driven by a sharp 41% reduction in total expenses, particularly in raw material costs which dropped from Rs 105.72 Cr to Rs 65.86 Cr. The company continues to carry a high debt of Rs 349 Cr, with finance costs rising to Rs 6.25 Cr this quarter.
- Net Profit of Rs 3.09 Cr in Q1 FY27 compared to a loss of Rs 9.67 Cr in Q1 FY26.
- Revenue from operations declined 31.5% YoY to Rs 87.37 Cr from Rs 127.55 Cr.
- Total expenses reduced significantly by 41% to Rs 82.84 Cr from Rs 140.62 Cr YoY.
- Finance costs increased by 26.7% YoY to Rs 6.25 Cr.
- Appointment of Mrs. Monika Goyal as an Independent Woman Director for a 5-year term.
SAL Steel Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required for all listed companies to ensure the accuracy of electronic shareholding records. There are no financial implications or operational changes reported in this document.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited
- Filing submitted to BSE and NSE on July 07, 2026
- Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 confirmed
S.A.L. Steel Limited has appointed Shri Anil Kumar Singh as its Chief Financial Officer (CFO), effective July 01, 2026. Singh, currently a Whole-Time Director, brings over 35 years of experience and previously served as President of Sree Metaliks Limited, the entity currently pursuing a 26% stake in the company via an open offer. This appointment is critical as the company navigates a high debt-to-equity ratio of 2.37 and a recent net profit ratio decline to -1.18%.
- Appointment of Shri Anil Kumar Singh as CFO and Key Managerial Personnel effective July 01, 2026
- Appointee brings over 35 years of executive experience across Steel, Automobile, and Textile industries
- Singh previously held leadership roles including President of Sree Metaliks Limited and COO of Tembo Steels (U) Limited
- The appointment coincides with an open offer by Sree Metaliks Limited for 26% of expanded share capital at Rs 25 per share
- Company is managing a significant debt load of Rs 349 Cr against a net worth of Rs 147 Cr
S.A.L. Steel Limited has responded to a clarification sought by the National Stock Exchange regarding its FY25 financial results. The company revealed that it currently does not have an appointed Managing Director or CEO, which is why the Chairman signed the Statement of Impact of Audit Qualification. Furthermore, the company clarified that its CFO, Mr. Babulal M. Singhal, also holds the position of Whole Time Director. This disclosure highlights a significant vacancy in the company's top executive leadership.
- Company confirmed it has no appointed CEO or Managing Director on the Board of Directors.
- Chairman signed the Statement of Impact of Audit Qualification for the year ended March 31, 2025, in the absence of an MD/CEO.
- Mr. Babulal M. Singhal serves a dual role as both Chief Financial Officer and Whole Time Director.
- The clarification follows an NSE query dated July 1, 2025, regarding non-standard signature formats in financial filings.
- The company has offered to submit a revised Statement of Impact if required by the exchange.
S.A.L. Steel Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This standard regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q1 financial results ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be notified separately.
- Trading window closure effective from July 01, 2026.
- Closure pertains to the financial results for the 1st quarter ending June 30, 2026.
- Restriction applies to all Directors, Connected Persons, and Designated Persons.
- Window to reopen 48 hours after the announcement of the financial results.
S.A.L. Steel Limited has submitted newspaper advertisements for its audited standalone financial results for the quarter and year ended March 31, 2026. The advertisements were published in 'The Indian Express' and 'Financial Express' on May 30, 2026, in accordance with SEBI Regulation 47. This filing confirms the company's adherence to transparency and disclosure norms. Investors should look for the detailed financial results filing for specific revenue and profit figures.
- Submission of newspaper advertisements for audited standalone financial results for Q4 and FY26.
- Advertisements published in 'The Indian Express' (English) and 'Financial Express' (Gujarati) on May 30, 2026.
- Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
S.A.L. Steel Limited has officially appointed M/s. Ashish Bhavsar & Associates as the company's Cost Auditor for the financial year 2026-27. The appointment was approved by the Board of Directors on May 29, 2026, following a recommendation from the Audit Committee. This is a standard regulatory requirement under Section 148 of the Companies Act, 2013, and the appointment is now subject to final approval by shareholders at the upcoming General Meeting.
- Appointment of M/s. Ashish Bhavsar & Associates (Firm Registration No. 000387) as Cost Auditor.
- The mandate covers the financial year 2026-27.
- Board approval was finalized on May 29, 2026, based on Audit Committee recommendations.
- The appointment requires ratification by shareholders in the next General Meeting.
- The auditor is an Ahmedabad-based firm with expertise in costing systems and internal audits.
S.A.L. Steel Limited has officially shifted its registered office within the city of Ahmedabad. The move relocates the office from Ashram Road to a new location in Bodakdev. This change was approved by the Board of Directors and is conducted within the local limits of the same city. As a routine administrative update, it does not affect the company's core operations or financial performance.
- Registered office moved from Ashram Road, Ahmedabad-380009 to Bodakdev, Ahmedabad-380059
- New address is 604, Zion Z1, Near Avalon Hotel, Sindhubhawan Road
- Change is within the local limits of Ahmedabad city
- Intimation filed under Regulation 30 of SEBI (LODR) Regulations, 2015
S.A.L. Steel Limited has resumed plant operations following a planned shutdown for a modernization program that had temporarily restricted production and revenue. To manage its debt, the Board approved a ₹50 crore term loan from Axis Finance Limited, specifically to repay an Inter-Corporate Deposit (ICD) to AIA Engineering Limited. The company's FY26 financial results include an exceptional item of ₹16.09 crores related to a write-back of by-product consumption. Additionally, the company has appointed new internal and cost auditors for the 2026-27 fiscal year.
- Resumption of manufacturing operations after a planned shutdown for facility modernization.
- Approval to borrow ₹50 crore from Axis Finance Limited to repay existing debt to AIA Engineering.
- Recognition of a ₹16.09 crore exceptional item following physical verification of by-product stock.
- Appointment of M/s. NRPS & Associates LLP as Internal Auditor for FY 2026-27.
- Change of registered office within Ahmedabad and appointment of new Cost Auditors.
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Revenue is derived from Sponge Iron, Ferro alloys, and Power. While specific segment growth percentages are not disclosed, the Net Capital Turnover Ratio improved by 35% YoY, rising from 14.33% to 19.34%.
Profitability Margins
The Net Profit Ratio experienced a substantial decline of 1550%, falling from 0.08% in the previous year to -1.18% in FY 2024-25. Return on Equity (ROE) also dropped by 1516%, from 1.12% to -15.91%.
EBITDA Margin
Core profitability as measured by Return on Capital Employed (ROCE) decreased by 46% YoY, falling from 8.04% to 4.33%.
Capital Expenditure
The company reported a potential impairment of Capital Work in Progress (CWIP) amounting to INR 1.01 Cr (Rs 100.94 lakhs) which was not recognized in the financial statements for the year ended March 31, 2025.
Credit Rating & Borrowing
The Debt-Equity Ratio increased by 54% YoY to 4.58%, up from 2.97%, driven by losses and increased working capital borrowing. The company has sanctioned working capital limits exceeding INR 5 Cr from banks.
Operational Drivers
Raw Materials
Sponge Iron is a primary raw material and product. The company specifically monitors sponge iron price trends to manage purchase planning and ensure profitability.
Raw Material Costs
Inventory turnover ratio decreased by 27% YoY to 6.03%, indicating slower movement of materials. The company uses an Enterprise Resource Planning (ERP) system to monitor price trends and plan procurement.
Manufacturing Efficiency
Manufacturing efficiency is impacted by inventory management, with the inventory turnover ratio declining from 8.26% to 6.03%.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
Growth is currently centered on a major corporate restructuring via an Open Offer by Sree Metaliks Limited to acquire up to 3,76,39,342 equity shares (26% of expanded share capital) at INR 25 per share. Operationally, the company focuses on price-trend-based procurement and maintaining internal financial controls.
Products & Services
Sponge Iron, Ferro alloys, and Power.
Brand Portfolio
SALSTEEL
Strategic Alliances
The company is the target of an acquisition/open offer by Sree Metaliks Limited (Acquirer) for a 26% stake valued at approximately INR 94.10 Cr.
External Factors
Industry Trends
The steel industry is currently facing price volatility in raw materials like sponge iron. The company is positioning itself for a change in control through the open offer by Sree Metaliks Limited.
Competitive Landscape
Key competitors include other regional sponge iron and ferro alloy producers; market dynamics are currently influenced by the acquisition interest from Sree Metaliks Limited.
Competitive Moat
The company maintains an integrated power generation capability alongside its sponge iron and ferro alloy production, providing some utility cost advantages.
Macro Economic Sensitivity
The business is highly sensitive to steel industry cycles and sponge iron price volatility.
Regulatory & Governance
Industry Regulations
The company must comply with Ind AS accounting standards; however, it was noted for non-compliance with segment reporting requirements under Ind AS 108.
Taxation Policy Impact
The company has pending cases with multiple tax authorities including Service tax, VAT, Income Tax, Excise, and Customs.
Legal Contingencies
Pending litigations exist with Service tax, VAT, Income Tax, Excise, and Customs authorities. Additionally, the company used short-term funds of INR 12.25 Cr for long-term purposes, which was flagged in the auditor's report.
Risk Analysis
Key Uncertainties
Significant risks include the 1550% decrease in net profit, the potential INR 1.01 Cr hit from CWIP impairment, and the diversion of INR 12.25 Cr in short-term funds for long-term use.
Geographic Concentration Risk
Registered office and primary operations are located in Ahmedabad, Gujarat.
Technology Obsolescence Risk
The company has implemented an ERP system and audit trail (edit log) facilities to modernize financial reporting and internal controls.
Credit & Counterparty Risk
Trade receivable turnover ratio decreased by 4% to 8.06%, suggesting a slight slowdown in collections.
